Questions from Advanced Accounting

Q: The statements of financial position of Pork Co. and Barrel Ltd

The statements of financial position of Pork Co. and Barrel Ltd. on December 31, Year 2, are shown next: Pork acquired 70% of the outstanding shares of Barrel on December 30, Year 2, for $329,000. D...

Q: The balance sheets of Prima Ltd. and Donna Corp. on

The balance sheets of Prima Ltd. and Donna Corp. on December 31, Year 5, are shown below: The fair values of the identifiable net assets of Donna Corp. on this date are as follows: In addition to...

Q: On January 1, Year 5, FLA Company issued 6,

On January 1, Year 5, FLA Company issued 6,300 ordinary shares to purchase 9,000 ordinary shares of MES Company. Prior to the acquisition, FLA had 180,000 and MES had 10,000 ordinary shares outstandin...

Q: The condensed financial statements for OIL Inc. and ERS Company for

The condensed financial statements for OIL Inc. and ERS Company for the year ended December 31, Year 5, follow: On December 31, Year 5, after the above figures were prepared, OIL issued $252,000 in...

Q: The July 31, Year 3, balance sheets of two companies

The July 31, Year 3, balance sheets of two companies that are parties to a business combination are as follows: In addition to the assets identified above, Ravinder Corp. attributed a value of $100,...

Q: The balance sheets of Bates Co. and Casey Co. on

The balance sheets of Bates Co. and Casey Co. on June 30, Year 2 just before the transaction described below, were as follows: On June 30, Year 2, Bates Co. purchased 2,400 (80%) of Casey Co.'s com...

Q: Calof Inc. acquires 100% of the common shares of Xiyu

Calof Inc. acquires 100% of the common shares of Xiyu Company on January 1, Year 4, for the following consideration: • $275,000 market value of 5,000 shares of its common shares. • A contingent paym...

Q: How will the investment in a private company be reported under IFRS

How will the investment in a private company be reported under IFRS 9, and how does this differ from lAS 39?

Q: The balance sheets of Par Ltd. and Sub Ltd. on

The balance sheets of Par Ltd. and Sub Ltd. on December 31, Year 1, are as follows: The fair values of the identifiable net assets of Sub on December 31, Year 1, are as follows: Assume that the fo...

Q: The balance sheets of Petron Co. and See view Co.

The balance sheets of Petron Co. and See view Co. on June 29, Year 2, were as follows: On June 30, Year 2, Petron Co. purchased 90% of the outstanding shares of See view Co. for $52,200 cash. Legal...